Ghana to soon start borrowing again, says President Akufo-Addo

Ghana’s President Nana Akufo-Addo has said the country will soon resume borrowing, as the country grapples with its worst economic crisis in a generation.

“There is no rush but obviously, why not take advantage of global savings, it makes a lot of sense to be able to do that,” Mr Akufo-Addo said at the Qatar-Africa Economic Forum in Doha.

However, he stressed that the country would “maintain the discipline which is required” following last week’s $3bn (£2.4bn) bailout by the IMF.

His comments come as the country is still negotiating with external creditors hoping for debt relief of about $10.5bn.

The country was shut out of the international capital market because of its huge debts but can now have access as a result of the bailout.

The government had been criticised for excessive borrowing, one of the main factors the opposition believes plunged the country into the crisis.

But the government has blamed the impact of Russia’s invasion of Ukraine and the global coronavirus pandemic.

President Akufo-Addo has indicated that the government will cut its expenditure and mobilise more domestic revenue.

The IMF support is expected to help Ghana tackle inflation of more than 40%.

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